2016 Colorado Revised Statutes
Title 24 - Government - State
Principal Departments
Article 35 - Department of Revenue
Part 2 - State Lottery Division
§ 24-35-219. Licensed agent recovery reserve - payments from reserve - revocation of license

(1) There is hereby created in the lottery fund the licensed agent recovery reserve, which shall be used under the direction of the division in the manner prescribed in this section.

(2) (a) Beginning January 1, 1988, each licensed sales agent shall pay to the division a fee.

(b) The amount of such fee and the frequency with which it shall be collected shall be established by the commission pursuant to rule and regulation.

(c) All fees collected by the division pursuant to paragraph (b) of this subsection (2) shall be transmitted to the state treasurer, who shall credit the same to the lottery fund, which fees shall be maintained administratively as part of the licensed agent recovery reserve. Any interest earned on the investment of such fees in the fund shall be credited at least annually to said reserve.

(d) No moneys shall be appropriated from the general fund for the payment of any expenses incurred under this section, and no such expenses shall be charged against the state.

(3) When a licensed sales agent has failed to remit any moneys owed to the lottery under rule and regulation, the division shall transfer moneys in the amount equivalent to the unpaid amount from the licensed agent recovery reserve to the lottery fund.

(4) If the division is required to make a transfer pursuant to subsection (3) of this section, the director shall revoke the sales agent's license in accordance with the provisions of section 24-35-206 (3). If the license is revoked, the sales agent shall not be eligible to be licensed again until he has repaid in full the amount paid from the licensed agent recovery reserve.